trial balance

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Related to trial balance: balance sheet

Trial balance

Prepared at the close of an accounting period, it is a record of general ledger account titles with their respective debit and credit balances.

trial balance

a listing of the balances on a firm's LEDGER accounts that is prepared prior to the PROFIT-AND-LOSS ACCOUNT and BALANCE SHEET, as an initial check on the arithmetic accuracy of the ledger accounts.

If the total of all DEBIT balances in ledger accounts equals the total of all CREDIT balances in ledger accounts then this suggests (but does not guarantee) that the DOUBLE-ENTRY ACCOUNTS have been accurately recorded and that the data from them might be used to prepare the profit-and-loss account and balance sheet.

References in periodicals archive ?
Again, direct cell references, such as =A1+A3+A5, can be used, but the possibility looms that when the updated trial balance arrives, the accounts will be in different cells, resulting in errors and inefficiencies.
We need to set this up so we can use We Excel Function to interrogate the trial balance according to the coded line items, and to do this we insert a column.
CPI) Jacksonville, Florida, which develops the conversion definitions and sends back edit reports and trial balances.
Firms using trial balance software should be making the move to workpaper tools, which start with trial balance features and add capabilities for indexing other documents, such as Word and Excel files and scanned documents, to create an electronic equivalent of a firm's traditional paper workpaper files and binders.
Client Data Center, the write-up software package from Universal Business Computing Company (UBCC), includes modules for accounts receivable, bank reconciliation, fixed asset management, general ledger write-up, loan amortization, payroll processing and trial balance.
All accounts on the adjusted trial balance will be carried to either the government-wide statement of net assets or the statement of activities.
The Auditor Will Be Expected To Draft The Following Financial Statements And Schedules, As Well As All Required Financial Statement Footnotes, Based On The Trial Balances And Other Books And Records Of The Tribal Government.
When the built-in approach is implemented through standardization with XBRL GL at the trial balance level, it allows a seamless and gradual transition to the deeply embedded approach.
For example, tell them how XBRL could help exchange trial balance information with write-up software or aggregate information across different software applications.
1 include an automated browser-based data import engine that enables the uploading of financial information from any end-user accounting software, as well as from CPA trial balance systems.
This will be a real timesaver for CPAs who get trial balances and accounting details from their clients to enter into their own trial balance, tax or audit software.